Your Reading List

U.S. Cash Grains-Corn, soy basis hold on slow sales

Dec 23 (Reuters) - Corn and soybean spot basis bids held
mostly steady across the U.S. Midwest early on Monday, supported
by a slow pace of sales and deliveries in a slow start to a
holiday-shortened week, grain merchants said.
    * Chicago Board of Trade corn futures were trading at
the highest level since Nov. 12 because of dry growing
conditions in Argentina, but the higher prices failed to entice
much selling from farmers or commercial elevators.    
    * Some farmers were vacationing ahead of Wednesday's
Christmas holiday. The growers had made few fresh sales so far
this month in the hopes of selling a majority of their corn harvest at higher prices next year. * But few processors and ethanol plants were bidding aggressively for supplies amid expectations of a spike in sales in the early days of the new tax year. * Soybean bids eased 5 cents per bushel late on Friday at a closely watched processor in Decatur, Illinois, while bids for the oilseed gained by that amount at a processor in Lincoln, Nebraska. Corn bids eased 1 cent along the Illinois River and were largely unchanged elsewhere. * Some processors and elevators were expected to be closed for grain deliveries on Tuesday while most will shut down in observance of the holiday on Wednesday. Bitter cold temperatures in the western and northern parts of the region also led to a slowdown in deliveries, the dealers said. Basis values quoted against CBOT futures in cents/bushel: CORN SOYBEANS CINCINNATI OH -11 + H UNC -5 + F UNC BURNS HARBOR IN -20 + H UNC -20 + F UNC DECATUR IN -15 + H UNC DES MOINES IA UNQ UNC LINCOLN NE -18 + H UNC PROCESSORS CORN SOYBEANS DECATUR IL +0 + H UNC +10 + F DN 5 DECATUR IN -9 + F UNC MORRISTOWN IN -2 + F UNC
LAFAYETTE IN +5 + F UNC CEDAR RAPIDS IA +15 + H UNC -27 + F UNC COUNCIL BLUFFS IA -30 + F UNC LINCOLN NE -20 + F UP 5 BLAIR NE +2 + H UNC RIVER TERMINALS CORN SOYBEANS TOLEDO OH -14 + H UNC +0 + F UNC SENECA IL -18 + H DN 1 +8 + F UP 2 SAVANNA IL -15 + H UNC +5 + H UNC DAVENPORT IA -4 + H UNC -8 + H UNC ETHANOL PLANTS LINDEN IN -8 + H UNC UNION CITY IN +0 + H UNC ANNAWAN IL -2 + H UNC COUNCIL BLUFFS IA -10 + H UNC SRW WHEAT TOLEDO OH -20 + H UNC CINCINNATI OH -42 + H UNC DECATUR IN -10 + H UNC BURNS HARBOR IN -47 + H UNC NOTES: 0 = Option price, UNC = Unchanged, UNQ = Unquoted, NC = Not comparable, DP = Delayed Price, F = January, H = March --------------------------------------------------------------- LINKS: For U.S. forward basis spreadsheets, please double-click on: - CBOT corn report - CBOT soybean report - CBOT wheat report - U.S. grain barge freight values - U.S. Midwest cash grain PM - U.S. CIF Gulf Grain - U.S. FOB Gulf Grain (Reporting by Michael Hirtzer in Chicago; editing by Jim Marshall)

About the author



Stories from our other publications